Operating Facility. The licensed business at each Leased Premises is a Retail Marijuana Store, as defined in the Marijuana Code in Colorado, or a marijuana retailer, as defined by the Marijuana Code in Oregon, depending on the state in which the Acquired Corporation operates.
Operating Facility. Subject to Section 3.2, the undrawn portion of the Operating Facility Commitment Amount will be automatically cancelled at 5:01 p.m. (Toronto time) on the then current Term Conversion Date in respect of the Operating Lender. Effective at such time on such time, the Operating Facility will cease to be a revolving type facility and the Aggregate Principal Amount of the Operating Facility, unless unconditionally and irrevocably repaid or cash collateralized in accordance with Section 3.2(b)(v)(A), will convert to a non-revolving term facility in an equivalent principal amount which is due on November 30, 2022.
Operating Facility. The Borrower may from time to time obtain Advances under the Operating Facility by way of:
Operating Facility. Subject to this Agreement, the Operating Lender hereby agrees to establish in favour of the Borrower a revolving credit facility (such facility, the “Operating Facility”) in a maximum aggregate principal amount not to exceed the Operating Commitment (or the Equivalent Amount in US Dollars), to be made available in accordance with this Agreement until the Operating Facility Maturity Date.
Operating Facility. The Borrower shall pay to the Operating Lender a standby fee in Cdn. Dollars calculated at a rate per annum equal to the Applicable Margin (based on a year of 365 days) on the amount, if any, for each day by which the amount of the Outstanding Principal under the Operating Facility is less than the Operating Commitment. Fees determined in accordance with this Section 4.6(b) shall accrue daily from the first day of each Fiscal Quarter until the last day of each Fiscal Quarter and be payable quarterly in arrears on the fifth Banking Day of each Fiscal Quarter and following receipt of a written notice from the Agent setting out the amount of such fee, until the earlier of (i) cancellation in full of the undrawn portion of the Operating Facility and (ii) the Operating Facility Maturity Date. In order to calculate the daily Outstanding Principal under this Section 4.6(b) for any day in a calendar quarter, the Operating Lender shall convert any Operating Loans in US Dollars into the Equivalent Amount of Cdn. Dollars.
Operating Facility. The Operating Lender hereby establishes the Operating Facility in favour of the Borrower as a revolving credit facility. Accommodations under the Operating Facility may be drawn down by the Borrower during the Revolving Period in accordance with Section 3.8 in Canadian Dollars, or the Exchange Equivalent thereof in U.S. Dollars, or any combination thereof, to a maximum of the Operating Facility Commitment Amount, subject to Section 3.1(c). The Operating Facility is a revolving facility and amounts repaid thereunder (including by way of overdraft borrowings) may be re-borrowed. The Operating Facility Commitment Amount of the Operating Facility Lender is set out in Schedule B.
Operating Facility. Owner shall be responsible for operating the Facility in accordance with the specifications and Good Industry Practice.
Operating Facility. Advances under the Operating Facility shall only be used to finance general corporate purposes and Permitted Acquisitions (other than the Acquisition Transaction) of the Borrowers to the extent permitted under Section 1.1.150(a)(vi). No Advances under the Operating Facility may be used for purposes of funding the Acquisition Transaction.
Operating Facility. The Outstanding Obligations under the Operating Facility (including the Subfacility) shall become due and payable on the earlier of: (i) the Acceleration Date, and (ii) the Maturity Date. At such date, the Operating Facility (including the Subfacility) shall terminate and all Outstanding Advances under the Operating Facility (including the Subfacility), together with all accrued and unpaid interest thereon and all other fees and charges payable in connection therewith, shall become immediately due and payable by the respective Borrower without the Operating Lender or the U.S. Operating Lender having to make Demand therefor. Prior to such date, the respective Borrower may from time to time upon two (2) Business Days’ prior written notice to the Operating Lender or the U.S. Operating Lender, as applicable, without penalty or fee, cancel any unused portion of the Operating Facility, in which event the Operating Facility amount or the Subfacility amount, as applicable, shall be reduced permanently by the amount so cancelled. Any reduction of the Subfacility amount does not automatically result in a corresponding reduction of the Operating Facility.
Operating Facility. Borrowings under the Operating Facility shall be used solely for the purpose of issuing the Existing Letters of Credit and satisfying reimbursement obligations thereunder as contemplated in Section 3.8(f).
